American Fintech Council Backs Legislation Promoting Transparency in Small Business Financing
- louis4952
- Jun 25, 2023
- 1 min read
THEFINTECHTIMES.COM June 25, 2023
The American Fintech Council (AFC), an industry association representing responsible fintech companies, has given full support for new legislation that will establish transparency and regulation in small business financing.
The council has commended Senator Bob Menendez and Representative Nydia Velazquez for introducing the Small Business Financing Disclosure Act of 2023. It has also urged swift passage of the bicameral bill in both houses of Congress.
The legislation aims to establish transparency and critical rules for small business lenders, empowering small business borrowers to make informed financial decisions. It aims to protect small business borrowers from predatory lenders and small business financing options carrying unfair terms and conditions.
Phil Goldfeder, CEO at the AFC, has backed the call for clarity to aid small businesses in making choices that foster growth and success.
“We applaud the sponsors of this bill for their commitment to protecting small businesses looking for the capital they need to help them realise their dreams.”